With the advent of multichain and increased adoption of DeFi and NFT, Solana managed to capture a large market share. Solana crypto price experienced a hyperbolic growth in 2021. Solana (SOL) is used to pay for transaction fees and staking in order to support the network. Its high throughput capability appeals to high frequency traders, inВ whichВ spearheaded by FTX and Alameda Research. One of its biggest featureВ is its scalability in which Solana is able to process over 700,000 transactions per second. End user applications in the Solana ecosystem includes decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, e-commerce and more. It has a different technical underlying such that developers write applications using Rust instead of Solidity or Vyper. Solana is a general purpose blockchain similar to Ethereum. StephenВ Akridge and Raj Gokal joined the project shortly later and together the 4 individuals incorporated the new blockchain network called Solana in 2018. GregВ Fitzgerald, whom used to be Anatoly's colleague at Qualcomm participated in the project by suggesting and writing the Proof of History codebase in the Rust programming language. Proof of History is a concept introducedВ to keep time between computers in a network in sync which forms the basis of scaling the number of transactions. Solana was founded by 4 co-founders, led by Anatoly Yakovenko.ДЄnatoly Yakovenko wrote and published a whitepaper on the concept of Proof of History in November 2017.

Built by a team of networking engineers, Solana aims to become the blockchain infrastucture for modern internet applications. Solana crypto is a high throughput blockchain based on the Proof of History (PoH) and Proof of Stake (PoS) consensus.

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